The Market Process and The Firm:

We discuss the relations between alternative conceptualizations of the market process -
neoclassical, Austrian and radical subjectivist/evolutionary - and alternative approaches to
economic organization, for example, nexus of contract theory, Williamsonian transaction cost
economics and the dynamic transaction cost approach of Langlois and Robertson. We argue
that there is a distinct need for more firmly grounding theories of economic organization in
theories of the market process, and that key ideas of the more dynamic conceptualizations of
the market are likely to substantially enrichen the theory of economic organization.